Celo, a blockchain ecosystem, has attracted $20 million from Andreessen Horowitz (a16z), Greenfield One, and Electric Capital. So far, Celo has garnered a total of more than $65 million from investors Polychain Capital, Reid Hoffman, Jack Dorsey, Coinbase Ventures and others.
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Katie Haun, General Partner at a16z, says the capital firm believes Celo can "dramatically reduce fees" and make digital payments instantaneous and global.
"When we first began supporting Celo two years ago, we saw the opportunity to build a 'full stack' global payments platform that anyone with a smartphone could use to send, receive, and store money," Haun added.
It remains unknown, how Celo will use the raised capital. In September 2020, cryptocurrency exchange Coinbase listed the Celo token under the CGLD ticker symbol. The Celo blockchain platform is created as a way for anyone to send, receive, and store stablecoins running on Celo without needing a digital wallet.
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